Automotive supplier Hayes Lemmerz International reported a wider net loss of $US634.5 million, or $22.30 a share, in fiscal 2003, according to the Detroit News. The paper said the results compare with a net loss of $396.7 million, or $13.94 a share, in the previous year.
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The Detroit News said Hayes Lemmerz, which supplies wheels, wheel-end attachments, aluminium structural components and brakes, has operated under Chapter 11 bankruptcy protection since December 2001. The company’s bankruptcy petition listed $2.8 billion in assets and $2.66 billion in liabilities.
According to the newspaper, annual revenue fell to $2.001 billion from $2.039 billion in the previous year, reflecting lower sales to light vehicle makers and heavy-duty vehicle manufacturers in North America. General Motors, Ford and DaimlerChrysler accounted for 52% of the company’s fiscal 2003 sales, the report added.
The Detroit News said net sales at Hayes Lemmerz’s core automotive wheels segment fell to $1.16 billion in fiscal 2003, compared with $1.23 billion in 2002.
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